| Bank of India Saving Accounts |
|
| Bank of India savings account can be opened by a single individual, two or more individuals in joint accounts, minors, associations, blind persons, clubs, societies, etc. The bank gives 3.5% interest per annum applied twice in a year in February and August. Under this account, bank also offers incentives such as free global debit cum ATM card with free Star Sandesh (SMS) on debit transactions, free internet banking facility, free SMS and tele-banking, free fund transfer through INTEFRNET Banking, etc. There are some products that the bank offers especially for its savings account customers. These products include domestic travel insurance cover at low premium of Rs 63/- p.a., BOI National Swasthya Bima Yojana floter mediclaim policy of NICI offered at low premium, etc. |
|
|
|
|
|
|
|
|
|
|
|
- Average quarterly balance 1 lac and above
- Branch debit transactions per month FREE
- Home delivery of Demand Drafts (couriered) FREE
- International Gold Credit Card FREE
- Inward Cheque Return charges - local Waived
- Air Accident Travel Insurance Upto Rs.5.00 lacs free.
|
|
|
|
|
- BOI Savings Plus is a mix of Savings Bank Account and Term Deposit Account.
- It aims at maximizing the earnings for the customer, without jeopardizing liquidity.
- Minimum balance in SB portion is Rs.25,000/- and minimum balance in Term Deposit Portion is Rs.5,000/-.
- Any amount in excess of Rs.25,000/- in the SB portion will be auto swept out into the SDR or DBD portion in multiples of Rs.5,000/- on daily basis.
- In the SDR portion, monies can be invested for any period from 15 days to 179 days, as per the customer's choice. In the DBD portion, monies can be invested from 6 months upto and including 10 years, as per the customer's choice.
- Upon maturity, the principal in the SDR/DBD portion would be auto-renewed for an equal period, while the interest would be credited to the SB portion on the concerned due date. The same, if not withdrawn can be swept back again into SDR/DBD for a period of the customer's choice.
- In case the balance in the SB portion is short of the required level to meet cheques presented in the A/c., funds from SB Plus portion will be auto swept in, into the SB portion, in multiples of Rs.1,000/- on daily basis. Although this would amount to Payment before Maturity, no penalty would be charged. The latest SDR/DBD deposit would be closed before maturity (in multiples of Rs.1,000/-) to ensure that the customer does not have to bear higher loss (i.e. LIFO principle to apply).
- Non-maintenance of minimum balance prescribed in the SB portion, will attract a penalty of Rs.200/- per quarter.
- Rate of Interest on the SB portion would be 3.5% p.a., while the Rate of Interest on the SDR/DBD portion will depend on the tenure for which each deposit is placed, and at the ruling Interest Rate as on the date the deposit is placed or renewed.
- TDS norms would apply as per extant rules.
|
|
|
|
|
|
|
Twitter